Rain, a company that builds payment infrastructure for stablecoins, has applied to set up a national trust bank. The bank would have its headquarters in New York. Cointelegraph reported the filing on October 6, 2026.
The application came only days after community banks went to court against the Office of the Comptroller of the Currency, the OCC. They want the court to throw out the OCC rules that crypto firms rely on when they apply for these federal trust charters. If those rules are overturned, the legal basis for applications like Rain's is in question.
Rain is not alone. Over the past year a growing number of crypto companies have applied for bank charters, and Rain joins that line. The report does not say when the OCC will decide on Rain's application or when the court will rule on the community banks' case.
For someone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, this changes nothing directly. A charter application and a lawsuit over OCC rules do not change funding rates, trading fees or order-book liquidity on these exchanges. The story is about who can run a federally chartered crypto trust bank in the US, not about the cost of holding a perp today.
Source: cointelegraph — Rain seeks US trust bank charter days after OCC sued over crypto charters